Part 1: Why would anyone want five dental practices?
November 2016 – Q & A with Pete Newcomb
Is dentistry an art, science or business? At DTSpade, we’d argue that it is all three.
But every Client decides how much time they can allocate to each. Do you invest in getting better at your craft? Do you invest in the newest equipment or staff training? Do you invest in improving operations, speeding collections or negotiating with insurance?
At best, a single physician can do one or two well. Larger practices can invest in talent to delegate, but that brings another set of challenges. Single physician practices that maintain high standards of customer care are not at any more of a disadvantage than multiple practice operations that sacrifice personal attention.
Dr. Hugh Flax and the Deal that Never Was
For over 25 years, Flax Dental has been a successful business built on excellence in quality care. Dr. Hugh Flax is nationally known through his speaking and has been a contributing commentator on MSNBC, ABC, USAToday and Good Morning America. He’s even served as President of the American Academy of Cosmetic Dentistry, accumulating eight times the annual requirements for continuing education, while developing a staff with a commitment to excellence and learning.
Osborne Oral & Maxillofacial Surgery Commits to the Community
Osborne Oral & Maxillofacial Surgery has been providing a valuable service to families in the DeKalb County region for over 30 years. Dr. Thomas Osborne provides a diagnosis for oral conditions as well as implants, removal of impacted teeth, cosmetic surgery, and oral bone grafting through a staff of six. Dr. Osborne trained at the Johns Hopkins University and continues his education through the Seattle Study Club.
How do you kill three birds with one stone? It doesn’t happen often, but in 2016, DTSpade helped two of the city’s most critical organizations to execute a plan that helped one of Atlanta’s most vital hospitals expand its campus, secure more parking and ensure a long term future for a critical community program. In the same transaction, DTSpade helped Fulton County to lower its operating expenses and provide a better delivery of care to its HIV, STD and Hep-B patient populations. And that’s just the beginning of the story…
Southern Dental started as a family-run business and expanded into 10 dental offices throughout Texas. They had considered a sale on and off again for years, but by 2015, the situation had become dire. Without an equity partner and Dental Solutions expertise, the offices wouldn’t make it through the summer.
The healthcare industry exhibits high profitability, and dentistry is no different as a whole. The dental industry has benefited from favorable demographic trends, technological advances and attention given to the importance in oral hygiene over the past five years.
But running a successful practice isn’t easy. It requires a lot of hard work, dedication by each member of your office staff, and maybe a few steps outside your comfort zone.
Nobody knows the dental industry like the professionals who move it forward every day. We’ve tapped into a pool of dental industry specialists with unique perspectives, to ask for their expert advice on four questions:
- What it the single biggest opportunity in dentistry today?
- For a Dentist with a typical practice, what is the one thing that they can do to make the practice more valuable?
- What separates the best operators from the average dental practice owners?
- What is the best advice you’ve ever given or been given?